June 25, 2021

Nimiq introduces OASIS to allow atomic swaps between crypto and fiat

2 min read

Nimiq, a decentralized, censorship-resistant payment protocol with its own varied environment of apps, revealed today together with German bank TEN31, it has actually achieved compatibility between blockchain and banking with the release of the OASIS (Open Asset Swap Interaction Scheme) technology.

Primarily, Nimiq OASIS makes it possible for the decentralized and safe and secure purchase of cryptocurrency by bank transfer. From cash in a checking account to cryptocurrency in a self-custodial wallet – – and vice versa. OASIS performs this in a few minutes without the need to open an account with a centralized exchange.

“We started the Nimiq project to make cryptocurrency available, usable, and protect for everybody. It was clear to us, that without a technology with which the new cryptocurrencies could quickly be purchased, offered, or exchanged, there would be no mass market. With Nimiq OASIS we have now conquered this barrier.”
– – Philipp von Styp-Rekowsky, Co-Founder of Nimiq

SANCTUARY

Nimiq’s Open Asset Swap Interaction Scheme (OASIS) is the blueprint to make off-chain assets (such as USD, EUR, stock certificates, web domains, and more) act as if they were tokens on a blockchain. Within the B2B area, decentralized exchanges, OTC services, and applications can utilize the OASIS procedure to effectively process transactions between fiat and cryptocurrencies.

“With this task, we have come a lot closer to our goal of making trading with cryptocurrencies easy and offering everyone involved real included value. A lot more, the launch is just the start of an entire variety of possible applications for this technology, both in the B2C and B2B sectors.”
– – Matthias von Hauff, CEO of TEN31 Bank

The Nimiq Wallet, which is the first application to utilize the OASIS procedure is totally browser-based. Additionally, as much as a certain limit, it does not require registration or the arrangement of personal information when buying cryptocurrency. To begin, all the user needs is a European, SEPA-Instant-capable checking account. Throughout the initial launch, BTC and NIM, the native property of Nimiq, can already be acquired and offered.

Nimiq OASIS is an open technology.

Everyone can use it and implement it. Currently, the documentation and API of Nimiq OASIS are open to the general public. The post Nimiq releases OASIS to allow atomic swaps between crypto and fiat appeared initially on CryptoNinjas.